Hyundai Commercial finance arm trials IBM blockchain technology

Hyundai’s commercial finance arm is trialling IBM blockchain to speed up and secure truck financing deals. The open source Hyperledger Fabric platform has been adapted by IBM to create a supply chain financing ecosystem.

It’s claimed this will reduce lead time and transaction costs for dealers, distributors and manufacturers who will have access to the system.

Like all blockchain applications, the new finance network will provide a simple and transparent view of all transactions.

It will also automate manual processes and allow data to be shared securely and quickly across the blockchain, said IBM in a statement.

“Korea enjoys a digital-first financial services industry in which the rapid adoption of technologies such as artificial intelligence, blockchain and cloud are improving the customer experience and helping it expand into new opportunities” said Andrew Chang, General Manager, IBM Korea.